European shares open higher on banks boost; focus on central bank meetings

(Reuters) - European stocks gained on Thursday, boosted by banks and resources shares, with the focus on policy decisions from the Federal Reserve and other major central banks, including the Bank of England (BoE), later in the day.

The pan-European STOXX 600 was up 0.3% as of 0810 GMT. The basic resources index rose 1.7% as base metal prices rebounded. [MET/L]

ArcelorMittal (NYSE:MT ) gained 2.5% after the world's second-largest steelmaker reported a third-quarter core profit that was above market expectations.

Eurozone banks were up 1.1% as Italy's third-largest bank, Banco BPM, added 6.6% on plans to launch a bid for full control of asset manager Anima Holding in a deal worth up to 1.6 billion euros ($1.7 billion). Anima shares jumped 8.6%.

The European benchmark had risen as much as 1.9% in the last session, tracking a surge on Wall Street after Donald Trump recaptured the U.S. presidency with a sweeping victory, though it closed lower as investors assessed the likelihood of tariffs.



Later in the day, the BoE is likely to cut interest rates for only the second time since 2020, while the Fed is also expected to ease its monetary policy, due after European markets close.

Meanwhile, Germany's ruling coalition collapsed as Chancellor Olaf Scholz sacked his finance minister and paved the way for a snap election, triggering political chaos in Europe's largest economy. The German benchmark was up 0.7%.

Source: Investing.com